Market Research Report
Global Medical Processing Seals Market Size study, by type ( O-rings, Gaskets, Lip Seals, Others, By material (Silicone, Metal, PTFE, Nitrile Rubber, EPDM, Others, By application and Regional Forecasts 2019-2026
|Published by||Bizwit Research & Consulting LLP||Product code||916994|
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|Global Medical Processing Seals Market Size study, by type ( O-rings, Gaskets, Lip Seals, Others, By material (Silicone, Metal, PTFE, Nitrile Rubber, EPDM, Others, By application and Regional Forecasts 2019-2026|
|Published: November 10, 2019||Content info:||
Global Medical Processing Seals Market is valued approximately at USD 1.4 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2019-2026. The global medical processing seals market is witnessing growth owing to growing demand from applications such as medical equipment & devices coupled with technological advancements such as development of new process of manufacturing seals and formulation of new materials . Medical processing seals is an essential element in different medical devices. For instance, O-rings type of processing seal is used in fluid or gas sealing applications in the medical industry. These O-rings are used in devices such as valves, pumps, cylinders, connectors, and fluid transfer. Thus, growing demand for equipment and devices such as fluid transfer devices, drug delivery devices, valves, pumps, respiratory equipment, cylinders, connectors and dialysis equipment is contributing towards market growth. According to India brand equity Foundation (IBEF), India medical industry is expected to reach $11 billion by 2022. Similarly, as International Trade Administration, the United States medical device industry was valued about $156 billion in 2017 and expected to be valued about $208 billion by 2023. In addition, miniaturization of Medical Devices is expected to create significant growth opportunity in the market over the forecast period. However, increase in the Purchase of Refurbished Medical Systems coupled with increase in the overall cost and time owing to dynamic regulatory measures is expected to hamper growth of the market over the forecast period of 2019-2026.
The regional analysis of global Medical Processing Seals market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to high per capita medical spending coupled with the well-established healthcare infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as government spending for building robust medical infrastructure, healthcare expenditure, growing ageing population coupled with growing incidences of lifestyle diseases would create lucrative growth prospects for the Medical Processing Seals market across Asia-Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: